Renters Getting More Square Footage Since 2022 Low -- Market Talk

Dow Jones12-10

1003 ET - A U.S. renter on a $2,000-a-month budget can afford an apartment that is more than 70 square feet larger now than it was when rents peaked in mid-2022, Redfin says. The median U.S. apartment asking rent in October was $1,615--a median price per square foot of $1.81. The median asking rent peaked at $1,700 in August 2022, when the typical apartment was listed at an all-time high of $1.94 per square foot, equating to a 1,029 square foot apartment for a $2,000 budget--74 square feet smaller than today. That's the equivalent size of a small home office. Five years ago in October 2019, before the pandemic spike, the U.S. median asking rent was $1,337, equating to $1.47 per square foot. That equated to 256 square feet more than today. (chris.wack@wsj.com)

(END) Dow Jones Newswires

December 10, 2024 10:03 ET (15:03 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment